/Moody's Investors Service, Лондон, 15.05.12, перевод и заголовок KASE/ -
Рейтинговое агентство Moody's Investors Service сегодня понизило на один
пункт долгосрочные депозитные рейтинги UniCredit Bank Slovakia a.s. -
с Baa1 до Baa2, прогноз - стабильный, и долгосрочные долговые и
депозитные рейтинги АТФБанка (Казахстан) с Ba3 до B1, прогноз -
стабильный.
Данные рейтинговые действия, в первую очередь, отражают снизившуюся
способность родительской банковской группы (UniCredit SpA) оказывать
поддержку в виде капитала и финансирования в случае необходимости,
своим дочерним компаниям, как показывает недавнее снижение рейтинга
UniCredit SpA до негативных А3 и C-/baa2. Дальнейшие детали доступны из
пресс-релиза по адресу
http://www.moodys.com/research/Moodys-downgrades">
http://www.moodys.com/research/Moodys-downgrades
-Italian-banks-outlooks-remain-negative--PR_244732
опубликованного 14 мая 2012.
Ниже приводится оригинальный текст сообщения Moody's на английском
языке.
London, 15 May 2012 - Moody's Investors Service has today downgraded
by one notch the long-term deposit ratings of UniCredit Bank Slovakia
a.s. to Baa2, with a stable outlook, from Baa1, and the long-term debt
and deposit ratings of ATF Bank (Kazakhstan) to B1, with a stable outlook,
from Ba3.
These rating actions primarily reflect the reduced capacity of the
parent banking group (UniCredit SpA) to provide capital and funding
support, if needed, to its subsidiaries, as indicated by the recent
one-notch downgrade on of UniCredit SpA to A3 negative; C-/baa2 negative.
For further details see press release
http://www.moodys.com/research/Moodys
-downgrades-Italian-banks-outlooks-remain-negative-PR_244732 published
on 14 May 2012.
At the same time, Moody's confirmed UniCredit's Polish subsidiary Pekao
SA's A2 deposit ratings with a negative outlook and standalone bank
financial strength rating (BFSR) of C- (mapping to baa1 on the long-term
scale) with a stable outlook.
Today's rating actions on these subsidiaries conclude the reviews
initiated on 16 November 2011, when the ratings of these subsidiaries
were placed on review for downgrade, following a similar rating action
on UniCredit SpA.
Full list of affected ratings is provided at the end of the press
release. For additional information on bank ratings, please refer to the
webpage containing Moody's related announcements
http://www.moodys.com/bankratings2012.
RATINGS RATIONALE FOR SLOVAK AND KAZAKH SUBSIDIARIES
The one-notch downgrades of the Slovak and Kazakh subsidiaries of UniCredit
were driven primarily by the weakening capacity and, to a lesser extent,
willingness of the parent to provide timely capital and funding support
to its subsidiaries, if needed.
- WEAKENING CAPACITY OF THE PARENT BANK TO PROVIDE SUPPORT
Moody's says that the lowering of UniCredit's standalone credit
assessment to baa2, as announced yesterday, reflects (i) weakening
profitability and asset quality; (ii) restricted access to market funding;
and (iii) the increasingly difficult operating environment that the group
faces, particularly in the Italian market, where conditions have
deteriorated significantly since H1 2011. Under Moody's Joint Default
Analysis methodology, the long-term ratings of the Slovak and Kazakh
subsidiaries incorporate uplift from parental support assumptions; the
one-notch lowering of UniCredit's standalone credit strength results in
a corresponding rating downgrade for the subsidiaries.
- SHIFTING STRATEGIC PRIORITIES ALSO AFFECT WILLINGESS TO
PROVIDE SUPPORT
The rating action on the Kazakh and Slovak subsidiaries also takes into
account, albeit to a lesser extent, Moody's view that UniCredit SpA's
willingness to extend financial support to some peripheral international
subsidiaries has weakened.
Many Western European banks, including UniCredit, are facing difficult
choices regarding the allocation of their scarce capital and funding
resources. This has implications for those international subsidiaries
whose medium-term profitability potential has been impaired by the
ongoing financial crisis and/or are located in the countries that have
reduced strategic significance for UniCredit group. Accordingly, as the
parent group aims to refocus on its core operations, Moody's considers
that UniCredit's willingness to provide capital and funding resources
to these subsidiaries has weakened compared to the pre-crisis period.
ATF BANK - WHAT COULD MOVE THE RATINGS UP/DOWN
In the short-term, ATF Bank's ratings are unlikely to be upgraded
as it has been a consistently loss-making for the past few years,
requiring a parental guarantee for over 40% of its loans. In the
medium-term, a sustainable improvement in the bank's earnings and
reductions in loan-loss provisions, leading to increases in net
income and capital, could exert upward pressure on the ratings.
Conversely, a further material weakening of ATF Bank's earnings
generation, further eroding its capital and franchise, could lead to
a downgrade of its ratings. In addition, further significant downward
pressure on UniCredit's ratings could impact ATF's ratings.
UNICREDIT BANK SLOVAKIA - WHAT COULD CHANGE THE RATINGS
UP/DOWN
Currently, UniCredit Bank Slovakia's ratings reflect its high borrower
concentration, including exposure to commercial real-estate and project
finance, and its weakening asset quality, counterbalanced by its solid
franchise in the Slovak market relative to its peers and its adequate
capitalisation levels.
In the medium-term a sustained reduction in borrower concentration and
improvement in asset quality could exert upward pressure on the bank's
ratings. Conversely, further deterioration in the bank's financial
fundamentals, particularly related to asset quality, liquidity and
capitalisation, could exert downward pressure on the ratings. In addition,
further significant downward pressure on UniCredit's ratings could impact
UniCredit Bank Slovakia's ratings.
- CONFIRMATION OF PEKAO'S RATINGS REFLECTS STANDALONE
RESILIENCE
Pekao's ratings were originally placed on review over concerns regarding
how the challenges facing the parent group could negatively impact the
subsidiary's credit profile. The confirmation of Pekao's ratings reflects
Moody's view of the Polish subsidiary's relatively independent franchise
from that of the parent, no reliance on parental funding, strong standalone
financial fundamentals, and stringent regulatory controls on dividend
distributions. These considerations underpin Moody's view that the bank's
credit-profile is partly insulated from the pressures experienced by its
parent and results in Pekao's standalone credit strength maintained at baa1,
one notch higher than the parent's standalone strength of baa2.
The confirmation of Pekao's long-term deposit rating of A2 results from
the maintenance of a two-notch uplift from Moody's assessment of systemic
support assumptions, given Pekao's systemic importance as the second-largest
franchise in Poland.
- FACTORS THAT INSULATE PEKAO (POLAND) FROM THE PARENT'S
CREDIT RISKS
The following factors underpin Moody's view that the Polish subsidiary is
currently insulated from the credit pressures affecting its Italian parent:
(i) Although Pekao's is majority owned (59%) by UniCredit, the consistency and
transparency of Pekao's strategy is supported by active minority shareholders
and quarterly public disclosures, due to its presence on the Warsaw stock
exchange. Brand association with UniCredit is relatively low and the quality
of Pekao's customer base is not directly correlated with that of the group.
This supports Moody's view of the relative independence of Pekao's franchise
from that of the parent group.
(ii) Pekao has remained one of the stronger performing banks amongst its Polish
peer group during the crisis, with a strong capital base supporting its franchise
and growth. Moody's does not see a material risk of Pekao's capital base being
depleted by dividend transfers to the parent. Moreover, protection of the strong
capital base is supported by the guidelines set by the Polish regulatory authority
(KNF) in 2011 to limit the dividend distributions that Polish banks, including
foreign subsidiaries, can make to their shareholders.
(iii) Pekao remains a fully self-funded institution, with an independent treasury
function and limited non-material exposures to the parent group.
PEKAO - WHAT COULD MOVE THE RATINGS UP/DOWN
Given the current negative outlook on Pekao's deposit ratings, which is aligned
with the negative outlook on UniCredit, an upgrade is unlikely in the near term.
Today's rating actions on Pekao reflect Moody's view of the independence of the
Polish subsidiary's franchise. Nevertheless, the rating agency also recognises
that further deterioration in the parent's financial fundamentals and downward
pressure on the parent ratings could lead to group-wide spill-over effects that
could ultimately weaken Pekao's franchise strength.
Therefore, notwithstanding the relative independence of the Polish subsidiary at
this stage, further significant downward pressure on UniCredit's ratings could
impact Pekao's standalone and long-term ratings.
FULL LIST OF RATING ACTIONS
The following ratings were affected today:
Issuer: ATF Bank
Long-term local- and foreign-currency deposit ratings to B1 from Ba3, with
stable outlook
Foreign currency senior unsecured debt rating to B1 from Ba3, with stable
outlook
Junior subordinate debt rating to B3(hyb) from B2(hyb), with stable outlook
ATF Capital BV senior unsecured global bonds to B1 from Ba3, with stable
outlook
Issuer: UniCredit Bank Slovakia
Long-term local- and foreign-currency deposit ratings to Baa2 from Baa1, with
stable outlook
Short-term local- and foreign-currency deposit ratings of Prime-2 confirmed
Issuer: Bank Polska Kasa Opieki S.A.
Long-term local- and foreign-currency deposit ratings of A2 confirmed, with
negative outlook
Bank financial strength rating of C- confirmed, with stable outlook (mapping
to baa1)
Short-term local- and foreign-currency deposit ratings of Prime-1 confirmed
The following ratings were unaffected:
Issuer: ATF Bank
Bank financial strength rating of E+, with stable outlook (mapping to b3)
Short-term local- and foreign-currency deposit ratings of Not Prime
Issuer: UniCredit Bank Slovakia
Bank financial strength rating of D+, with stable outlook (mapping to ba1)
The methodologies used in these ratings was Bank Financial Strength Ratings:
Global Methodology published in February 2007 and Incorporation of Joint-
Default Analysis into Moody's Bank Ratings: Global Methodology published in
March 2012. Please see the Credit Policy page on www.moodys.com for a copy
of these methodologies.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this
announcement provides relevant regulatory disclosures in relation to each
rating of a subsequently issued bond or note of the same series or category/class
of debt or pursuant to a program for which the ratings are derived exclusively
from existing ratings in accordance with Moody's rating practices. For ratings
issued on a support provider, this announcement provides relevant regulatory
disclosures in relation to the rating action on the support provider and in
relation to each particular rating action for securities that derive their credit
ratings from the support provider's credit rating. For provisional ratings, this
announcement provides relevant regulatory disclosures in relation to the
provisional rating assigned, and in relation to a definitive rating that may be
assigned subsequent to the final issuance of the debt, in each case where the
transaction structure and terms have not changed prior to the assignment of the
definitive rating in a manner that would have affected the rating. For further
information please see the ratings tab on the issuer/entity page for the
respective issuer on www.moodys.com.
The deposit ratings of rated entity Bank Polska Kasa Opieki S.A. were initiated
by Moody's and were not requested by these rated entities.
Rated entity Bank Polska Kasa Opieki S.A. or its agent(s) participated in the
rating process. This rated entity or its agent(s) provided Moody's access to the
books, records and other relevant internal documents of the rated entity.
The ratings have been disclosed to the rated entities or their designated agents
and issued with no amendment resulting from that disclosure
Information sources used to prepare the rating(s) for ATF Bank and Bank Polska
Kasa Opieki S.A. are the following: parties involved in the ratings, and public
information.
Information sources used to prepare the rating(s) for Unicredit Bank Slovakia and
are the following : parties involved in the ratings, public information, and
confidential and proprietary Moody's Investors Service information.
Moody's adopts all necessary measures so that the information it uses in
assigning the ratings is of sufficient quality and from sources Moody's considers
to be reliable including, when appropriate, independent third-party sources.
However, Moody's is not an auditor and cannot in every instance independently
verify or validate information received in the rating process.
Moody's considers the quality of information available on the rated entities,
obligations or credits satisfactory for the purposes of issuing these ratings.
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Service(s) to the rated entities or their related third parties within the two
years preceding the credit rating action. Please see the special report "Ancillary
or other permissible services provided to entities rated by MIS's EU credit rating
agencies" on the ratings disclosure page on our website www.moodys.com for
further information.
The below contact information is provided for information purposes only. Please
see the issuer page on www.moodys.com for Moody's regulatory disclosure of
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(A) MCO's major shareholders (above 5%) and for (B) further information
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Please see Moody's Rating Symbols and Definitions on the Rating Process page
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category and the definition of default and recovery.
Please see ratings tab on the issuer/entity page on www.moodys.com for the last
rating action and the rating history.
The date on which some ratings were first released goes back to a time before
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analyst and to the Moody's legal entity that has issued the rating.
Irakli Pipia
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
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Yves J Lemay
MD - Banking
Financial Institutions Group
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Releasing Office:
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[2012-05-16]